HSBC Fast Payment IS RIGHT HERE, RIGHT NOW! 20 May 2008 at 3:33PM edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts 33 replies 34.6K views

skyrider007

I've just made a bill payment via HSBC Internet Banking and to my surprise after submitting my payment details the screen showed "Your payment will be received by the beneficiary within 2 hours". I was slightly confused and thought I have just made a CHAPS payment however this was not the case as I have not been charged any fee.

For those who have online banking with HSBC, the future of faster payment has arrived!

kirsty000

hi Ive just made a payment and had the same happen to me. Found this on their site:
Overview

Faster Payment Service is a new UK clearing system which is due to launch on 27 May 2008.
In normal circumstances payments are guaranteed to reach the beneficiary's account and be available for drawing within 2 hours. The system will be available 24 hours a day, 365 days a year to make payments

Looks like its here early!

soon2be_student_wife

i work for a bank in a call centre (not saying who yet!) and we've had training on this faster payments system (basically the same except it goes quicker sometimes tho we dnt kno until it goes through cus it depends on the receiving banks!!). its due to start with us next week, 27th but thats after being postponed ... wait til u see it on ur statements, our examples show the time

skyrider007

I've tested the system by transferring 1p from my HSBC account to my NatWest account. Surprise, surprise... the 1p showed up on my NatWest account in 10 minutes and is available for immediate withdrawal.

SuiDreams

Does anyone know if this aplies to First Direct as well?

msaquib

It looks HSBC is still testing it.

I tried to transfer 1p to my A&L account and showed a message "This payment will usually be credited to the beneficiary's account within 2 hours."

When I tried to make a transfer of £10 it showed 3 working days.

MS

skyrider007

Did the 1p go through? I heard the recipient bank will have to support this service as well in order for payment to be processed within 2 hours.

msaquib

1p did go through - I just transferred it to A&L and it credited immediately. Anything more than 1p it saying it takes 3 working days.

MS

PROLIANT

So does that mean cheques will clear quicker or can you still use the "Cash Slow" benefit of a cheque?

jonesMUFCforever

Fast payment does not change in any way the clearing cycle of a cheque.

skyrider007

I think they are preparing the system to be 95% operational on official launch date. Currently only payment of 1p will be processed as Faster Payment.

Too bad payment to HSBC Credit Card will still take 3 working days to process until November this year.